Molson Coors set to cut jobs, invest beyond beers in restructuring plan

Oct 30 (Reuters) - Molson Coors Brewing Co on Wednesday decided to change its name and unveiled a restructuring plan to boost sales by cutting jobs and investing in new brands beyond its beer category.

The brewer, which is looking to save about $150 million in cost, expects to cut 400-500 jobs in its U.S., Canada and international segments.

The company said starting 2020 it would be known as Molson Coors Beverage Co.

“Our business is at an inflection point. We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track,” said Chief Executive Officer Gavin Hattersley in a statement. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Arun Koyyur)